Posted by Neil King
Evolvence Capital, a Dubai-based investment firm, has announced plans to launch a private equity fund in India.
According to the Times of India, the fund aims to raise $400 million from institutional and high net worth individuals from across the globe.
The Evolvence India Fund II will be its third India-focused fund and will aim to make select investments in the mid-market growth capital segment of the Indian private equity market through co-investments and direct investments, the newspaper said.
It was also revealed that the fund will invest with high quality private equity fund managers and established entrepreneurs in India, with the possibility for selective investments in secondary private equity opportunities.
The Evolvence India Fund I and the Evolvence India Life Sciences Fund, a healthcare and life sciences fund, both successfully closed in 2007 and 2008, respectively.
Earlier this week, it was reported that Dubai International Financial Center, a tax-free business park in the emirate, is currently exploring plans to establish a "second-tier" stock exchange for small and medium-sized enterprises in the Middle East.